FX forward is a transaction involving an exchange of one currency for another with the exchange rate fixed today and the delivery set at a certain date in the future (maturities longer than two working days). FX forwards are used for the purpose of hedging against exchange rate fluctuations in future currency inflows/outflows as well as for the purpose of budgeting, profit and loss account fixing etc.

Flexi forward is a transaction involving an exchange of one currency for another with the exchange rate fixed today and the delivery set in a pre-agreed time interval in the future.  This transaction enables greater flexibility than classic FX forward transactions in terms of the execution of conversion because the agreed exchange rate is valid for the entire time interval instead of one day, and the agreed amount may be converted at once or in portions during that period.

FX swap is an instrument for exchanging one currency for another, used when funds are required for a definite time period of up to one year. Spot purchase and forward sale is agreed for one currency in exchange for the other, and the costs are the differences in the interest rates of the respective two currencies. FX swap is useful for early payments if there is a real chance of inflow in the same currency in the coming period, or an FX forward transaction prolonging in case there occurs a shift of liabilities with regard to the planned date.

FX option gives the right but does not constitute an obligation of the buyer to buy (or sell) a specifically defined amount of currency on agreed date at agreed exchange rate (strike). This means that the option buyer has the right to exercise the option (buy the currency at agreed terms) if it suits him in view of the market rate on the option expiry date, while paying a premium. Call options give the right to purchase while Put options give the right to sell the currency.

Forward rate agreement (FRA) is a product used for exchanging variable liabilities tied to reference interest rates by fixed rates and vice versa. FRA is agreed as on today for a future period which may be from one month up to one year. FRA is used for fixing future interest income and short-term loan expenses (overdraft, revolving credit) and provides hedging against reference interest rate changes.

Interest rate swap (IRS) is a product used for exchanging variable liabilities tied to reference interest rates by fixed interest rates and vice versa. Interest rate swap is agreed for a future period longer than a year, and is used to, e.g. fix interest rates for long-term loans (tied to Euribor, Libor, Zibor). Also, it is used to plan and analyse long-term projects in which any change in the variable interest rate might jeopardize the positive profitability calculation, and when it is expected that in the following period interest rates will increase.

Cross currency swap (CCS) is a product enabling liabilities in one currency to be replaced by liabilities in another currency, and it can be arranged at a variable or a fixed interest rate. CCS is used in case when loan liabilities are denominated in one currency and receivables in another.